Common use of Contingent Repayment Obligation Clause in Contracts

Contingent Repayment Obligation. (a) In the event Executive breaches any provision of Article 4 of this Agreement, Executive’s entitlement to any payments payable pursuant to this Article 3, if and to the extent not yet paid, shall thereupon immediately cease and terminate as of the date of such breach, with Executive having the obligation to repay to the Bank any payments that were paid to him during the period of the breach, provided that the non-compete covenant under Section 4(b) remains in effect.

Contingent Repayment Obligation. (a) In the event Executive breaches any provision of Article 4 of this Agreement, Executive’s entitlement to any payments payable pursuant to this Article 3, if and to the extent not yet paid, shall thereupon immediately cease and terminate as of the date of such breach, with Executive having the obligation to repay to the Bank any payments that were paid to him during the period of the breach, provided that the non-compete covenant under Section 4(b) remains in effect.